June 5, 2023

The Queens County Citizen

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Quebec has reduced its budget deficit to two billion

Quebec has reduced its budget deficit to two billion

(Quebec) Quebec on Wednesday unveiled its budget results update for the 2020-2021 financial year. Due to faster-than-expected economic recovery, the province hopes to reduce its deficit by $ 2 billion.

In a press release issued late Wednesday afternoon, Finance Minister Eric Girard presented an estimate of the budget results, which show that the deficit will reach $ 10 billion more than the recently announced $ 12 billion. The Monthly Report of Activity Financial Reports was unveiled on May 28th.

However, the Minister wants to be cautious in the light of these statistics due to the “extraordinary context in which the COVID-19 epidemic is linked”. He reminded that a lot of information needs to be analyzed to get clear results for the financial year ending March 31.

Among the factors explaining the difficulties in calculating statistics, we noted the fact that epidemic costs in health and education need further verification. We have also added the fact that the deadline for filing your income tax return in Quebec has been extended to May 31st.

“The final budget balance 2020-2021 will be displayed in the coming fall of public accounts,” one of the press releases written by Minister Girard’s office said.

To justify better expectations, he argued that the economic recovery was “stronger than expected in Quebec”. The Office of the Minister attributes some of this rapid stimulus to support the measures provided by the Government.